San Jose Ranked Second in World’s Fastest-Growing Cities
An in-depth study of the growth of cities over time based on employment and GDP growth statistics was just released by Brookings, and San Jose was the #2 city globally in terms of fastest-growing economy, 2014-2016.
Dublin, Ireland ranked highest, and San Francisco came in at #4. The report cites “…tremendous growth in the tech sector propelled San Jose and San Francisco— the two anchors for Silicon Valley—into the top four of the economic performance index.” This was in spite of cities in China dominating the top rankings of the list, see the chart below.
Cities are increasingly where most of the people on the planet live and work. The 300 largest metros the report examined accounted for 36 percent of global employment growth and 67 percent of global GDP growth. Emerging economy metro areas continued to disproportionately drive growth, accounting for 80 percent of the 60 best-performing metropolitan areas.
Here’s what the report said about San Jose:
“Like San Francisco, San Jose—the home of Silicon Valley—has experienced remarkable job creation and income growth due to the strong performance of the tech sector. Our colleague Amy Liu notes that San Jose outperformed national averages and nearly all other metro areas on job creation, productivity, and median wage growth over the past five years. But like San Francisco, San Jose has an urgent need to develop a more inclusive economy.”
For an in-depth look at Brookings recommendations for developing an inclusive economy, check their recent presentation to SPUR.